54307/48.
I.F. 16/10/02.
.Colonial office,
The Church House,
Great Smith Street,
8. W. 1.
14th June, 1948.
1443
Dear Bancroft,
I send herewith copies of two communications from Hong Kong which should have gone to you earlier. I apologise for the delay,
The first is Hong Kong despatch No. 57 of the 18th March in reply to our despatch No.40 of the 7th February about the Inland Revenue Ordinance. (You had a copy of our despatch No.40).
The second is Hong Kong savingram No.342 of the 14th Hay in reply to our savingram No. 232 of the 12th March (you had a copy of our Savingram No.2). 232
HO
The desirability of increasing the standard rate of Earnings and Profits tax was stressed by us in our telegram No.357 in relation to the 1948-49 Estimates and the Governor in his telegram No. 350 (you have received copies of both these telegrams) gave his reasons against following this course at present, recurs to this point in paragraph 10 of his despatch No.100 in the 1948-49 Estimates (I recently sent to Serpell a copy of the Estimates and of the despatch in question). This matter will clearly be one of those we shall be disŝussing with Follows and there is, I think, nothing to be done in the interim,
I.P. BANCROFT, ESQ.
Taxation
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